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In Focus

New Sheriff in Town

The SEC’s Investor Advocate Rick Fleming recently signaled he is taking his job title seriously when he forcefully recommended that the commission nix a NYSE proposed rulemaking to eliminate shareholder approval of certain insider transactions at smaller companies. He noted that until now the NYSE has been operating somewhat under the radar. “Those days are now over,” he declared. “Today I make my first formal recommendation to the commission, and it marks the beginning of my office’s efforts to shine a brighter light on the rule changes by the exchanges, either to oppose proposals that may be detrimental to investors or, conversely, to support the efforts of exchanges to amend their rules in ways that benefit investors,” he added.

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